In October 2014, MIT created the MIT Bitcoin Project, a program that tried to give 500,000 worth of Bitcoin to its college students. Christian Catalini, an MIT partner educator who directed the Bitcoin Project assesses that 10% of taking part understudies had liquidated out their BTC inside about fourteen days, while 25% had left as of the undertaking's culmination in mid-2017.
MIT graduated class immediately spent their Bitcoin, with a few members said that they used Bitcoins on food supplies or eateries, some alumni spent their bitcoin by eating at sushi joint that accepted Bitcoin as payments. Online discussion forums suggested that different undergraduates spent their crypto on the brew, shoes, and other paltry uses. Undergraduates had the option to get $100 worth of BTC in return for filling out surveys, which was equal to around 0.3 BTC at that point. The undertaking was initiated by understudies Jeremy Rubin and Dan Elitzer, who raised $500,000 from college graduates and through the bitcoin community
The undertaking was proposed to empower investigation into advanced resources and cultivate the grounds as a worldwide center for crypto research. With 3,100 understudies gaining by the offer and near $200,000 worth of Bitcoin going unclaimed at that point, the college generally dispersed $33.8 million worth of BTC at current costs.
While a significant number of the understudies probably spent their free Bitcoin stash, with the MIT coop book shop which were accepting bitcoins at the time and bitcoin was used for reading material, school supplies.